Emclaire Financial Corp. Reports Increased Third Quarter And Year To Date 2010 Earnings
EMLENTON, Pa., Oct. 28, 2010 (GLOBE NEWSWIRE) -- Emclaire Financial Corp. (Nasdaq:EMCF), the parent company of The Farmers National Bank of Emlenton, reported consolidated net income available to common shareholders of $863,000 or $0.59 per common share for the three months ended September 30, 2010, compared to a net loss of ($108,000) or ($0.08) per common share for the same quarter in the prior year.
Net income available to common shareholders was $2.2 million or $1.52 per common share for the nine months ended September 30, 2010, compared to $773,000 or $0.54 per common share for the nine months ended September 30, 2009. The Corporation realized an annualized return on average common equity of 9.43% for the current nine months ended September 30, 2010, compared to 3.62% for the same period in 2009.
During the nine month period ended September 30, 2010, total assets increased $10.0 million or 2.1% to $477.6 million at September 30, 2010 from $467.5 million at December 31, 2009. This asset growth was driven by an increase in securities of $24.3 million or 23.1%, funded by an increase in customer deposits of $18.3 million or 4.8% and a decrease in cash and equivalents of $18.6 million or 47.6%, partially offset by a decrease in borrowed funds of $10.0 million or 25.0%, due to the prepayment of certain long-term borrowings.Stockholders' equity increased $3.5 million to $40.6 million at September 30, 2010 compared to $37.0 million at December 31, 2009. The Corporation remains well capitalized and is positioned for continued growth with total stockholders' equity at 8.5% of total assets. Book value and tangible book value per common share amounted to $22.67 and $18.69, respectively, at September 30, 2010. Tangible book value per share increased $2.37 per common share or 14.5% to $18.69 per share at September 30, 2010 from $16.32 per share at December 31, 2009.
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